Mortgage lending fell in April

The increase in total net lending to individuals fell in April when compared to both March figures and the preceding six-month average, according to figures released today.

Bank of England statistics show that, while the amount lent out increased, it do so by a margin lower than that seen in March.

Year-year growth was also down, standing at 10.4 per cent, while quarterly growth dropped to 9.7 per cent.

The number of secured loans approved for house purchase, remortgaging and “other purposes” were all lower than in March.

David Stubbs, the Royal Institution of Chartered Surveyors senior economist, said: “Activity in the housing market continues to subside.”

He added: “Housing affordability for first time buyers has been worsened by recent interest rate increases, and the prospect of further rises in coming months is sapping market sentiment.”

And he predicted that activity in the housing market “will continue to decline as the year progresses”.

© Adfero Ltd

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